Long Term Care
Transamerica offers a long-term care (LTC) rider that can be added to certain life insurance policies, and we still retain a legacy block of standalone LTC insurance. We support the work of the NAIC to develop a harmonized process and actuarial methodology for the assessment of LTC rate increase requests on existing policies. Transamerica is actively engaged in advocacy efforts to support the prompt harmonization of LTC rate increase processes and methodologies.

Genetic Testing
Insurers, including Transamerica, use genetic testing information as part of the underwriting of life, disability, and long-term care applications when such information appears in applicants' medical files. Legislation has been introduced in multiple states that would restrict or prohibit our use of genetic testing information. Transamerica opposes such legislation as it would create an imbalance between the information known by the applicant and that available to the insurer for underwriting, which could lead to additional risk and losses by insurers and consequently higher premiums for all future insureds.

Supplemental Health Products
Transamerica sells supplemental health insurance products that are designed to provide a cash indemnity benefit if the policyholder satisfies the triggers for coverage. Depending on the type of policy, these triggers might be satisfied when the insured is hospitalized or is diagnosed with a specific disease. Transamerica supports the inclusion of supplemental health products in employer cafeteria plans and opposes any efforts at the federal or state level that would reduce benefits or eliminate the availability of these products. 

Life Insurance Policy Illustrations
Transamerica supports illustration rules that help consumers understand the mechanics of a policy and how it might perform under different economic and funding scenarios. Transamerica also supports illustration rules that promote a level playing field across products and insurers. Finally, Transamerica supports applying the same illustration rules to both new sales as well as in-force contracts, so that consumers have consistent information whether they are considering a new policy or reviewing the performance of an existing policy.     

RILAs and Other Innovative Products
Transamerica supports efforts to create regulatory frameworks that allow for product innovation.  New products should not be prohibited or disadvantaged because they do not fit within existing regulatory boxes.  A current example is Registered Indexed-Linked Annuities (RILAs), which are a hybrid between variable and fixed indexed annuities. For RILAs and other innovative products, Transamerica supports regulation that provides flexibility in product design, efficiency in bringing products to market, and robust and fair protection of consumers. 

Contact michael.myers@transamerica.com with any questions or issues.

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